Chapter 10 - Month end guidance
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Purpose of Month End Close Procedures
These procedures set out the guidance and checklist to finalise and complete a reporting month (also known as reporting period). The month end close procedures are essential for maintaining accurate financial records of the institutions and the University.
The month end close is a critical accounting process that finalises all financial transactions for the reporting month or period, before the close of the relevant CUFS modules (e.g. Accounts Payable and General Ledger). This involves consistently reviewing, documenting, and reconciling financial transactions that occurred during that period, ensuring that the financial records are accurate and complete.
Additionally, the month end close provides an opportunity to verify the appropriateness of all transactions, whether they relate to income, expenditure or adjustments, as well as the consistency and fairness of any approval process. All transactions must comply with the University’s Finance Regulations and other relevant policies. This verification must be carried out by the Head of Institution (HoI) or assigned staff member with correct delegated authority.
Ongoing monthly activities for all CUFS modules are set out in the relevant FPM (Financial Procedures Manual) or training guidance and should be completed before starting the month end close tasks.
The procedures in this chapter provide the minimum obligations for institutions at the month end close, and do not cover any additional local institution month end close procedures.
The month end close procedures must be completed for accounting periods August to June, and do not replace the year end activities required for July accounting period. These are given in the Year End Instructions (FPM 11).
Latest version 21 December 2024